GST Annual Return Filing in Chennai

All businesses that have registered for GST must submit their GST returns. You can get assistance from Intellecto FinServices, one of the top GST Annual Return Filing in Chennai, to submit your returns on time.

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Overview of GST Annual Return Filing in Chennai

The Goods and Services Tax (GST) was implemented on July 1st, 2017. This indirect tax applies to the transactions of products and services between organisations. At each stage of the production process, GST must be paid. The slogan “One Nation, One Tax” is associated with the GST.

GST Return Filing is a mandatory requirement for all businesses registered under GST. Intellecto FinServices, one of the leading GST Annual Return Filing Services in Chennai, can help you file your GST returns on time. The filing process requires accurate information regarding your purchases, sales, output GST (on sale) and input tax credit (GST paid on purchases). We can help you ensure that all the information is accurate and up-to-date so that you can file your GST returns without any hassle.

Benefits for GST Annual Return Filing in Chennai

  • Improved Compliance: GST annual return filing in Chennai helps businesses to maintain accurate records of their transactions and ensure compliance with the GST laws.
  • Easy Reconciliation: GST annual return filing In Chennai helps businesses to reconcile their books of accounts with the GST returns filed. This helps them to identify any discrepancies in their records and rectify them in time.
  • Claim Input Tax Credit: Filing of GST annual return helps businesses to claim input tax credit on the purchases made during the year. This helps them to reduce their tax liability and improve their cash flow.
  • Avail Refunds: Filing of GST annual return helps businesses to avail refunds on the taxes paid during the year. This helps them to improve their cash flow and reduce their tax liability.
  • Improved Transparency: Filing of GST annual return helps businesses to maintain transparency in their transactions and ensure compliance with the GST laws. This helps them to build trust among their customers and suppliers.

Checklist for GST Annual Return Filing in Chennai

  • Before filing the GSTR-9 annual return, we need to have several data ready. The following checklist should be followed:
  • Reconcile the list of tax invoices issued during the period with the books of accounts and the turnover declared in the audited financial statements, statewise for each GSTIN.
  • Reconcile the list of debit/credit notes issued during the period with the books of accounts.
  • Reconcile stock transfers between units/branches all over India, if applicable.
  • Reconcile advances received and GST paid for goods & services during July 1 to 15th November 2017 and advances received for services and GST paid for that from 15th November 2017 to 31ST March 2018.
  • Reconcile E-Way bill data with the tax invoices issued during the period, statewise for each GSTIN.
  • Reconcile HSN wise summary with the issued tax invoices.
  • Reconcile discounts given to customers with purpose and check if they are allowed under GST act.
  • Reconcile purchase & other service bills accounted during the period & input credit taken on the same with books and returns.
  • Ensure all input credit taken bills are uploaded by suppliers and reflected in GSTR-2A.
  • Reconcile input credit availed and ensure all credits are eligible as per act; reverse ineligible credits and common credits and account them properly.
  • Provide details of input credit taken on fixed assets and reconcile Reverse charge GST (RCM) payable till applicable date on all applicable expenses and pay them accordingly.
  • Reconcile monthly GST returns with books of accounts and all taxable, exempted & non-GST turn over declared in returns; if any differences, provide reason for same.
  • Check if input credit taken supplier invoices are paid within 180 days; if not, reverse input accordingly.
  • Ensure all credit taken on TRAN-1 is reflecting in GST portal without any issues.
  • Check eligibility & status of any refund application filed with department, if applicable.

Documents Required for GST Annual Return Filing in Chennai

When filing GST returns online, it is important to have the following documents handy:
  • A list of invoices for both B2B and B2C services
  • Customer GSTIN
  • Type of invoice
  • Invoice number
  • Place of supply
  • GST rate
  • Taxable value
  • Amount of CGST, SGST, IGST and GST Cess applicable
  • Consolidated intra-state and inter-state sales
  • HSN wise summary details
  • Summary of requisite documents such as debit and credit notes.
Documents Required for GST Annual Return Filing (GSTR-9):
  • GSTIN: Goods and Service ID Number
  • Invoice: Invoices of the Business
What details are required to be filled in the GSTR-9?

GSTR-9 is a comprehensive form that requires disclosure of annual sales and purchases.

It is divided into six parts and 19 sections, with the information requested in each section easily found in previously filed returns and books of accounts.

The form requires disclosure of the annual value of inbound supply and the ITC received thereon, as well as categorising these purchases as capital goods, input services, and inputs.

Additionally, any ITCs that must be reversed due to ineligibility must be entered.

Types of GST Annual Returns

Based on the form that needs to be filed, there are three different forms of GST annual return filing in Chennai :

GSTR 9
The GST annual return in form GSTR-9 must be filed by firms with a revenue of more than 2 crores.
GSTR-9A

GSTR-9A must be filed by registered taxpayers who have chosen the GST Composition plan.

Six segments and 19 sections make up the general division of the GSTR-9. Every component request information that can be easily obtained from previously filed returns and books of accounts.

This form requests annual sales disclosure, separating out cases that are tax- and non-tax-exempt.

The annual value of inbound supplies and the ITC derived from them must be disclosed.

The classification of these purchases as capital goods, input services, and inputs is also required. You must include the information on any ITCs that must be reversed owing to ineligibility.

Process

Get Expert Advice

You can get expert advice on GST annual return filing in Chennai.

Documents Submission And Verification:
Once you submit the document required our experts will do the paper work.
Filing Documents
We will file the documents with the concerned authority.
Completion Of Work
Once your work is done, we will send you the documents back.
A Document which furnishes all the purchases, sales, tax paid on purchases, and tax collected on sales and other related details is called the GST Return. The GST Return is required to be filed with the tax authorities following which the taxpayer has to pay off the tax liability. GSTR-9 is an Annual Return for a normal taxpayer which is required to be filed annually. The due date of this return is 31st December of the next financial year.

Our Support

Intellecto Filings has a team of GST experts to provide you with comprehensive support. We assist more than 1000 companies with their GST related compliances every month.

  • We will remind you of due dates so you don’t have to worry about keeping track.
  • Our simplified system will help you keep your invoices and other documents organised.
  • Our experts will file your returns and ensure you get the proper input tax credit, saving you money.
  • You don’t have to worry about trying to make sense of changes in GST laws and processes, as our experts are always up to date with it.
  • Your filing will be error-free and you will save a lot of time and effort.
  • We also bear any penalties incurred due to any delay from our end.

FAQ

Input Service Distributors (ISD): Who Are They? What tax returns must they submit?
In order to provide tax credits, a supplier of goods and services’ corporate headquarters receives tax invoices for incoming supplies made by vendors on behalf of the branch offices.
I run an online business. Is it necessary for me to file any individual GST Annual Return Filing in chennai returns?
Yes.
If my vendor fails to include my invoice in their GSTR-1, what should I do?
Make sure to enter the purchase into your GSTR-2.
What procedure will be followed if the recipient discovers that the information reported on FORM GSTR-2A is inaccurate?
The recipient can verify, edit, and even add to these facts before submitting them in FORM GSTR-2 on or before the fifteenth day of the subsequent tax period.
Would the receiver be able to see the data that the provider uploaded to GSTR-1?
In “Part an of FORM GSTR-2A,” an automatically generated form, the recipient would receive the data that the supplier uploaded in GSTR-1.
Would the receiver be able to see the data that the provider uploaded to GSTR-1?
In “Part an of FORM GSTR-2A,” an automatically generated form, the recipient would receive the data that the supplier uploaded in GSTR-1.
Is it necessary for an assessee under the composition system to gather information on "inward supply" and "outward supply"?
No. An assessee who uses the “composition scheme” is not always required to submit a GST return that includes information about their inward and outbound supplies. Within 18 days of the end of the quarter, such assesses must register quarterly returns in FORM GSTR-4.
What reports must a "non-resident" taxable assessee submit?
The GST Return – GSTR-5 must be filed by a non-resident taxable assessee in order to provide the monthly details of ‘inward’ and ‘outward supplies’, debit/credit notes, tax paid details, details of closing stock and refund claimed, if any.
When will the supplier be informed that the document he uploaded was rejected by the recipient?
Only after the recipient has submitted his return may the provider be notified of the rejected documents.

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